The U.S. Mint announced to its Authorized Dealers that its was sold out of its Silver Eagle inventories after the price of silver fell to $15 today. According to the Breaking News Update at SilverDoctors website, over 2 million Silver Eagles were sold in less than two hours. Which means the U.S Mint will have to limit sales to their Authorized Dealers when supplies are available.
Two million Silver Eagles is a great deal of silver to be sold in one day (actually in less than two hours as reported by SilverDoctors). Total global silver mine supply was 820 million ounces in 2013. This amounts to roughly 2.2 million oz per day of global mine supply.
Thus, investors bought 90% of the daily global mine supply in Silver Eagles today. And, this doesn’t even include all the other Official Coins such as Silver Maples, Philharmonics, Pandas and etc. I would imagine at least 2.5 million oz of Official Silver Coins were sold just today… and that could be conservative.
You know this is big news when the MSM- Main Stream Media actually cover it:
Nov 5 (Reuters) – The U.S. Mint said on Wednesday it has temporarily sold out of its American Eagle silver bullion coins following “tremendous” demand in the past several weeks.
In a statement sent to its biggest U.S. coin wholesalers, the U.S. Mint says it will continue to produce 2014-dated coins. The Mint will advise when additional inventory will become available for sale without providing further details.
The announcement has not been made available to the public, but a U.S. Mint spokesman confirmed that it has sent the statement to its authorized participants.
There are still those out there who don’t believe the paper price of silver is manipulated. Let’s take a look at the following chart which compares the ONE YEAR price movement in silver vs the base metals:
While Silver is down 30% in one year, the base metals have suffered much less. Copper is down the most at a whopping 8%, while lead is off 5% and zinc up a staggering 22%. How can this be? How can silver be down more than 3 times copper in percentage terms if this is a the typical COMMODITY DRIVEN DEFLATION???
According to the Silver Institute (provided by data from Thomson Reuters GFMS), there was a 103 million oz physical silver deficit in 2013. This was mostly due to the record 245 million oz physical silver coin and bar demand.
Well, at this ridiculously low paper price of silver at $15, I would imagine Official Coin sales will be at a new record high in 2014. If physical silver bar demand remains strong, the world could suffer another large silver deficit in 2014.
As the Banking Cartel continues to rig the PAPER MARKETS higher, while smashing the price of gold and silver… at some point, physical demand will destroy this highly-leveraged paper system.
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